Facing the loss of output from two member states, OPEC and its partners meet this weekend in Azerbaijan to assess the progress of their agreement to hold back oil from the market.
div > div.group > p:first-child"> OPEC Secretary General Mohammad Barkindo was attending the annual IHS Markit CERAWeek conference in Houston this week and said the meeting in Baku will set the stage for what happens at the next meeting in April.
"The outcome of Baku will feed into the decision. It depends on the data. We must look at the data," said Barkindo. OPEC meets again in June, and could take action at that meeting. Asked about Venezuela, Barkindo said OPEC is not a political organization and that Venezuela oil minister Manuel Quevedo has a ceremonial role as president of OPEC this year, a rotating position.
Saudi Arabia Energy Minister Khalid Al Falih, who was not at the meeting this year, said over the weekend that OPEC and Russia would probably wait until a June meeting to consider output changes.
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